A process and composition for converting nitrogen oxides present in exhaust gases produced by an internal combustion engine utilize cobalt and at least one alkali metal or alkaline earth metal as a component of an adsorbent. The process involves contacting the exhaust gas with an adsorbent which adsorbs the nitrogen oxides in lean-burn conditions and recurrently reducing the oxygen concentration of the exhaust gas. During such periods of reduced oxygen concentration, the nitrogen oxides are then desorbed and reduced to nitrogen, thereby reducing the concentration of the nitrogen oxides in the exhaust gas. The composition of the adsorbent comprises an oxide support and at least two components loaded on the support and containing cobalt and at least one alkali metal or alkaline earth metal. The composition demonstrates improved activity at higher temperatures and improved thermal stability.